Exploring Fox Factory Holding Corp. (FOXF) Investor Profile: Who’s Buying and Why?

You're looking at Fox Factory Holding Corp. (FOXF) and asking a smart question: who is still buying this stock, and why, especially with the share price down around 56% from a year ago? The investor profile right now is a fascinating mix of institutional conviction and market realism, a classic battle between long-term growth and near-term headwinds. We see the big money is definitely still here, with BlackRock, Inc. and Vanguard Group Inc. holding over 10 million shares combined as of the third quarter of 2025, but they are adjusting positions. The real story is the split in the business: while the Aftermarket Applications Group (AAG) and Powered Vehicles Group (PVG) delivered solid Q3 2025 net sales growth of 17.4% and 15.1%, respectively, the Specialty Sports Group (SSG) is a drag, down 11.2%. So, are investors focused on the projected full-year 2025 net sales guidance of up to $1.475 billion, or are they worried about the net loss of $0.6 million in Q3? Honestly, the most compelling signal is the insider action: CEO Michael C. Dennison just bought 22,000 shares on November 14, 2025, at about $14.20 per share, a move that says management defintely sees value at this price. You need to know if the institutions are following that insider lead or if they are still trimming their risk.

Who Invests in Fox Factory Holding Corp. (FOXF) and Why?

You are looking at a company, Fox Factory Holding Corp. (FOXF), whose investor base is overwhelmingly dominated by professional money managers. This is not a stock driven by the individual investor, but by large institutions betting on a specific growth narrative.

As of late 2025, institutional investors-the mutual funds, pension funds, and endowments-hold approximately 99.5% of the company's outstanding shares, totaling over 41.6 million shares. This massive concentration means the stock's movement is largely dictated by the decisions of a few hundred major firms, not the sentiment of the retail market. Honestly, that level of institutional control makes it a different kind of animal than a typical consumer-facing stock.

• Institutional Investors: Hold about 99.5% of shares, including giants like BlackRock, Inc. and Vanguard Group Inc..
• Hedge Funds: Showed mixed sentiment in Q2 2025, with a net decrease of roughly 422.4K shares, indicating tactical trading.
• Individual Insiders: Ownership is low, around 0.454%, but CEO Michael C. Dennison recently signaled confidence by purchasing 22,000 shares in November 2025.

The Core Investment Motivation: Growth, Not Income

Investors are attracted to Fox Factory Holding Corp. for one primary reason: aggressive growth. The company does not pay a dividend, which is a clear signal that management intends to reinvest every dollar of free cash flow back into the business for expansion and acquisitions. This strategy appeals directly to growth-focused funds that prioritize capital appreciation over current income.

The financial targets for the 2025 fiscal year reinforce this growth story. Management raised the full-year sales guidance to a range of $1,450 million to $1,510 million, demonstrating confidence in continued top-line expansion. For a seasoned analyst, this guidance, coupled with a projected 2025 Adjusted EBITDA of about $175.5 million, maps out a clear path for future earnings growth. You are buying a premium brand portfolio-FOX, Marucci, Method Race Wheels-that dominates niche, high-performance markets.

Plus, the stock is currently seen as attractively valued relative to peers, which is a huge draw. Analysts have set a consensus target price of $32.40, suggesting a potential upside of up to 145.64% from a recent trading price. Here's the quick math: a stock with this much growth potential and a high implied upside is a magnet for funds looking for a multi-bagger return, defintely not a yield play.

Strategies: Long-Term Growth vs. Short-Term Volatility

The high institutional ownership suggests a dominant long-term holding strategy, which is typical for a growth stock in the consumer discretionary sector. These large holders are banking on the company's strategic acquisitions and innovation, like the Mission Statement, Vision, & Core Values of Fox Factory Holding Corp. (FOXF) outlines, to pay off over a multi-year horizon. They are willing to ride out the short-term bumps for the long-term payoff.

Still, the stock's high volatility, with a beta of around 1.43, also attracts a different kind of investor: the short-term trader. This is where the hedge funds come in. Their mixed activity in Q2 2025-some adding, some removing large positions-shows tactical trading around earnings reports and macro headwinds, like the slowing demand in certain segments. Value investors, on the other hand, are likely initiating or adding to positions now, viewing the stock's current price as a discount given the high projected upside and the expected annualized cost reductions of about $25 million from the company's structural cost program.

Institutional Ownership and Major Shareholders of Fox Factory Holding Corp. (FOXF)

You need to understand who is really driving the stock price for Fox Factory Holding Corp. (FOXF), and the answer is clear: institutions. With nearly all shares locked up, the few remaining shares that trade-the free float-can see outsized volatility. Institutional investors own a staggering 97.80% of the company's total outstanding shares, which is about 40.88 million shares out of 42 million as of the end of the third quarter of 2025.

This high concentration means the stock's movement is defintely dictated by the trading decisions of a few hundred major firms, not the retail crowd. You should view this high ownership as a double-edged sword: it signals professional confidence in the company's long-term value, but it also creates a thin trading environment that can amplify price swings.

Top Institutional Investors and Their Stakes

The investor profile for Fox Factory Holding Corp. is dominated by the world's largest asset managers, primarily those running passive index funds and large mutual funds. These top holders are mostly passive, meaning they are in the stock because Fox Factory is part of a benchmark index, like the Russell 2000, not necessarily because of a deep, proprietary research conviction. Still, their sheer size gives them immense voting power.

Here's the quick math on the top institutional owners as of September 30, 2025:

BlackRock, Inc. and The Vanguard Group, Inc. alone control over a quarter of the company's stock, holding roughly 10.7 million shares combined. This concentration is typical for companies of this size, but it makes their quarterly 13F filings (which disclose their holdings) a must-watch event for any investor.

Recent Shifts: Who's Buying and Who's Selling?

Looking at the most recent activity through the third quarter of fiscal year 2025, the institutional money flow showed a slight net decrease in shares held overall, but with some very notable new entrants and significant position changes. Specifically, 127 holders decreased their positions, selling a total of 5,654,370 shares, while 117 holders increased their stakes, buying 4,967,326 shares. This indicates a period of repositioning, not a uniform vote of confidence or no-confidence.

The key takeaway here is the divergence in strategy among major funds. While some large, index-like holders made minor adjustments, others made big directional bets:

• BlackRock, Inc. added 213,165 shares, an increase of 3.404%.
• RWWM, Inc. made a significant cut, decreasing its position by 689,643 shares, a -21.161% change.
• Estuary Capital Management LP established a major new position of 1,505,354 shares, a powerful signal of a fresh conviction buy.
• ArrowMark Colorado Holdings LLC dramatically increased its stake by 72.876%, adding 522,391 shares.

When you see a large institutional seller like RWWM, Inc. reducing their position by over a fifth, it suggests a strategic shift in their portfolio allocation or a negative outlook on the near-term earnings power of the company. Conversely, the new position from Estuary Capital Management LP suggests they see value after the stock price declined from approximately $32.29 in November 2024 to around $14.12 by November 2025.

The Impact of Institutional Investors on Strategy and Price

These large investors are not passive bystanders; they play a critical role in both the stock's price stability and the company's long-term strategy. Because nearly 98% of the stock is institutionally owned, any collective move-buying or selling-can have a massive impact on the stock price, leading to higher volatility than a company with a larger retail base.

The high institutional ownership is generally seen as a positive sign because these firms spend billions on research, so their presence validates the company's value proposition. However, when they sell, it can trigger a sharp downdraft, regardless of the underlying fundamentals. For Fox Factory Holding Corp., this means:

• Price Volatility: Trading in large blocks of shares can increase volatility. When a fund decides to exit, the volume of the sale can cause a rapid price drop because the remaining public float is so small.
• Corporate Governance: Major holders, especially those filing a Schedule 13D (indicating an intent to influence management), can push for changes in corporate strategy, capital structure, or executive compensation. Over 82% of institutional investors believe they influence capital structure decisions, especially for smaller firms.
• Long-Term Focus: Many of the largest holders, like BlackRock and Vanguard, emphasize long-term value creation and environmental, social, and governance (ESG) factors. This pressure can push management to prioritize sustainable growth over short-term earnings boosts.

If you want to understand the full context of the company's journey, especially how it got here, you can check out Fox Factory Holding Corp. (FOXF): History, Ownership, Mission, How It Works & Makes Money. The next step for you is to monitor the next round of 13F filings in early 2026 to see if the recent accumulation trend continues, which would signal a bottoming in institutional sentiment.

Key Investors and Their Impact on Fox Factory Holding Corp. (FOXF)

You're looking for who is actually putting capital to work in Fox Factory Holding Corp. (FOXF) right now, and what their moves signal. The short answer is that the company's investor profile is dominated by massive, passive institutional funds, but the most telling recent move is a significant purchase from the CEO himself, a strong vote of confidence when the stock price has been under pressure.

Institutional investors own the vast majority of Fox Factory Holding Corp. shares, about 98.76% of the float, as of a recent 2025 estimate. This high level of institutional ownership means the stock's price movements are heavily influenced by the quarterly rebalancing and sentiment of large funds, not just retail traders. It's a double-edged sword: stability from large holders, but less flexibility when a major fund decides to pull back.

The Passive Giants: BlackRock and Vanguard

The two largest shareholders are the passive investment behemoths, BlackRock, Inc. and Vanguard Group Inc. These firms hold their stakes primarily through index funds (like an S&P Small-Cap ETF), meaning their buying and selling is largely mechanical, tied to the index's composition, not a deep dive into the company's latest quarterly report. Still, their sheer size gives them enormous influence.

Here's the quick math on their Q3 2025 positions, valued at the November 14, 2025, share price of $14.12:

• BlackRock, Inc.: Held 6,475,271 shares as of September 30, 2025, valued at approximately $91,480,314. They actually increased their position by 3.404% in that quarter.
• Vanguard Group Inc.: Held 4,252,013 shares as of September 30, 2025, valued at approximately $60,053,303. Vanguard slightly decreased their stake in the quarter.

Their influence comes less from aggressive activism (a Schedule 13D filing) and more from their enormous voting power (a passive Schedule 13G filing), especially on corporate governance issues like executive pay or Environmental, Social, and Governance (ESG) policies. You can see this influence play out across the entire market, sometimes even drawing antitrust attention for coordinated industry-wide pushes, such as in the energy sector.

The Insider Signal: CEO's Recent Buying Spree

The most compelling recent move isn't from a Wall Street fund, but from a company insider. On November 14, 2025, CEO and Director Michael C. Dennison directly purchased 22,000 shares of Fox Factory Holding Corp. common stock. This is a defintely a bullish signal.

He paid $14.1964 per share, totaling an investment of $312,320. This purchase was the largest insider buy in the last twelve months, which is a strong indicator that the person with the most intimate knowledge of the company's operations believes the stock is undervalued at its current price. Following the transaction, Mr. Dennison directly owns 246,786 shares.

Recent Institutional Portfolio Shifts

Beyond the passive giants, the hedge fund and active manager activity shows a mixed picture, reflecting the market's uncertainty around the company's outlook, which includes a full-year 2025 adjusted EPS guidance of $0.920 to $1.120. For example, Q2 2025 saw some notable, large moves:

• DIVISADERO STREET CAPITAL MANAGEMENT, LP added a significant 818,357 shares to their portfolio.
• Conversely, KAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT LLC completely removed their position of 889,970 shares.

This churn among active managers shows a clear disagreement on whether the stock has bottomed out after its recent challenges, like the expected pre-mitigated tariff impact of up to $50 million for the full 2025 fiscal year. If you want to dig deeper into the company's financial footing, you can check out Breaking Down Fox Factory Holding Corp. (FOXF) Financial Health: Key Insights for Investors. Active managers are essentially betting on whether the company can successfully execute its cost reduction and operational improvement initiatives, which led to a $63 million debt paydown in Q4 2024.

Market Impact and Investor Sentiment

You're looking at Fox Factory Holding Corp. (FOXF) right now and seeing a huge disconnect: a premium brand with a beaten-up stock price. The current investor sentiment is defintely Negative-it's driven by recent financial misses and a significantly reduced outlook for the 2025 fiscal year, pushing the stock into a risk-off trade for many institutional holders.

The core issue stems from the Q3 2025 earnings report. Fox Factory Holding Corp. reported Adjusted Earnings Per Share (EPS) of just $0.23, a massive miss against the consensus estimate of $0.56, representing a -58.93% surprise. This miss, coupled with a cut to the full-year adjusted EPS guidance to a range of $0.92-$1.12 (down from the prior $1.60-$2.00), signals weak near-term demand, especially in the Specialty Sports Group (SSG) segment. This is why the stock carries a Zacks Rank of #5 (Strong Sell) as of early November 2025.

Still, the institutional presence remains overwhelming, which is a key factor to watch. Institutional investors hold approximately 98.76% of Fox Factory Holding Corp.'s shares outstanding, controlling over 41.28 million shares. This high level of ownership means the stock price is highly sensitive to the sentiment of a few large players, like BlackRock, Inc. and Vanguard Group Inc. You can find more detail on the company's foundation and structure at Fox Factory Holding Corp. (FOXF): History, Ownership, Mission, How It Works & Makes Money.

Recent Market Reactions and Ownership Shifts

The stock market's reaction to the Q3 2025 results was swift and brutal. Since the start of the year, the stock has decreased by 56.4%, trading at around $13.19 in mid-November 2025 compared to $30.27 on January 1, 2025. The one-month return leading up to the Q3 report was -5.1%, significantly underperforming the S&P 500's -0.2% change over the same period.

To be fair, the market reacted positively to the Q1 2025 results, where net sales of $355 million beat expectations, causing the stock to rise 5.85% in aftermarket trading. However, the Q3 news overshadowed this earlier strength. This volatility shows the market is a voting machine in the short term, heavily penalizing any sign of macro weakness impacting the premium consumer.

Looking at the major institutional moves in Q3 2025, the picture is mixed but leans cautious, with more institutions decreasing positions than increasing them. For example, Vanguard Group Inc. decreased its position by -73,978 shares in Q3 2025, while BlackRock, Inc. actually increased its holding by 3.404%, adding 213,165 shares to hold a total of 6,475,271 shares. The most concrete positive signal came from the top: CEO Michael C. Dennison purchased 22,000 shares of common stock on November 14, 2025, at $14.1964 per share, a classic insider buy that suggests management sees value at current levels.

• BlackRock, Inc. holds 6,475,271 shares (Q3 2025).
• Vanguard Group Inc. holds 4,252,013 shares (Q3 2025).
• CEO Michael C. Dennison bought 22,000 shares in November 2025.

Analyst Perspectives on Key Investor Impact

The analyst community has quickly re-rated Fox Factory Holding Corp. following the Q3 disappointment and revised guidance. The consensus rating has generally shifted toward 'Hold' from a more optimistic stance earlier in the year, reflecting the near-term headwinds.

Here's the quick math on recent price targets: Analysts have been forced to lower their 12-month targets substantially. Stifel, for instance, lowered its target to $25 from $33 in November 2025, and B. Riley adjusted its target to $20 from $32. The average 12-month price target from a recent cohort of analysts now sits around $22.40. This implies a significant upside from the mid-November 2025 stock price, but it's a much lower ceiling than what was projected just months ago.

The impact of the major institutional investors, like BlackRock, Inc., is less about day-to-day trading and more about long-term conviction in the company's market position-namely, its Aftermarket Applications Group (AAG) and Powered Vehicles Group (PVG) segments. Q3 2025 AAG net sales were $117.77 million, up 17.4% year-over-year, and PVG net sales were $125.87 million, up 15.1%. Analysts see these segments, which cater to performance enthusiasts and OEMs, as the long-term justification for the stock, despite the current drag from the Specialty Sports Group. The institutional money is betting on the resilience of the premium off-road and powered vehicle market.

What this estimate hides is the risk from the reduced Q4 sales guidance of $340M-$370M, which is largely due to inventory destocking and consumer softness in the SSG business. The analysts' bullish long-term targets hinge on the assumption that this is a cyclical inventory correction, not a structural decline in the premium market. Your action now should be to monitor Q4 inventory levels and the AAG/PVG backlog for early signs of a 2026 recovery.